Can Insurance Transcription Services Save Insurance Companies Time and Money?
Highlights
iMedat’s insurance transcription services provides numerous benefits to the insurance industry, ultimately resulting in faster claims processing and a stronger bottom line:
- Faster Service Equals Better Service
- Better Accuracy Equals Fewer Claims Challenges
- Greater Efficiency Equals Saved Money
- Better Employee Satisfaction Equals All of the Above
iMedat helps adjusters write reports in a fraction of the time through advanced insurance transcription services. With iMedat’s automated process, adjusters record their notes using a digital recorder or our dictation app which is much faster and less obtrusive than writing notes on the spot. Adjusters who use iMedat insurance transcription services will spend less time writing reports and more time processing claims.
iMedat: the Dictation/Transcription Documentation System That Works
It isn’t news to anyone in the industry: insurance companies are facing difficult times. The frequency and severity of claims are increasing due to a number of factors including increasingly erratic weather events such as hurricanes and wildfires. In the automotive industry, increasing speeds and increasingly complex vehicles are pushing repair costs up. The current COVID epidemic certainly doesn’t help matters as high unemployment rates, erratic markets, and economic uncertainty are putting even more pressure on the industry.
It’s vitally important that insurance companies do everything they can to increase efficiency and productivity. One of the biggest bottlenecks is in claims processing. Adjusters spend hours every week writing reports – up to 25 hours per week according to at least one estimate. Faster claims processing has several benefits downstream including happier customers and ultimately a healthier bottom line.
In short, faster claims processing means more money for you.
iMedat offers insurance transcription services that help reduce the bottleneck in claims processing, providing at least four different benefits:
1. Faster Service Equals Better Service
When surveyed, 95% of customers ranked speed of the claims process as the most important marker of satisfaction (http://www.accenture.com/t20150523T041505__w__/us-en/_acnmedia/Accenture/Conversion-Assets/Microsites/Documents15/Accenture-Insurance-Claims-Survey-Web.pdf Page 5). That’s a remarkable number of your customers. But what’s more important is how their dissatisfaction affects your bottom line.
Customers who file a claim are twice as likely to switch providers. That amounts to about 41% of your customer base. Those numbers double again for the 14% of customers who admit to being dissatisfied with the claims process. In that case, 83% of customers switch insurance providers. http://www.accenture.com/t20150523T041505__w__/us-en/_acnmedia/Accenture/Conversion-Assets/Microsites/Documents15/Accenture-Insurance-Claims-Survey-Web.pdf Page 2)
This “switching economy” costs the U.S insurance industry $5.8 billion per year. Clearly, focusing on customer retention would help reduce this unnecessary cost. Reducing the number of dissatisfied customers by even a couple of percentage points can save the insurance industry hundreds of millions of dollars.
iMedat helps speed up the claims process, increasing customer satisfaction and in turn customer retention. Our insurance transcription solution can help reduce those 25 hours adjusters spend each week writing reports. That translates to:
- Faster claims processing, especially during high-volume periods
- More time spent with customers
- More claims processed per week on average
- Greater satisfaction and therefore less chance of that customer switching away from your company
2. Better Accuracy Equals Fewer Claims Challenges
Carelessness is costly. An inaccurate – or worse, angry – letter can increase the number of claims challenges. Inaccuracies also include spelling and grammatical errors, sloppy formatting, and other writing errors that reflect badly on your company.
iMedat’s transcriptionists have outstanding grammar and spelling skills, which immediately improves the professionalism of the documents your adjusters send out on your letterhead. But we offer another layer of accuracy as well. Our Quality Assurance Managers review each transcription to reduce possible errors even further.
Our transcriptionists, who are experts in the insurance transcription field, can also flag other inaccuracies when they see them including numbers that don’t add up, concepts that may need clarifying, and even tone. With iMedat you get:
- Clean text with fewer grammatical and other errors
- Optional formatting of letters and other reports
- Two more sets of eyes to flag inconsistencies and other content errors
3. Greater Efficiency Equals Saved Money
There is a direct connection between efficiency and profitability in the insurance industry. Despite this fact, productivity hasn’t increased in the insurance industry in at least a decade. iMedat’s transcripts immediately increase efficiency at the system level and productivity at the individual claims adjuster level.
Think about it this way. The main job of an adjuster – the focus of their expertise – is to assess damage and help speed along claims processing. Report writing is a necessary part of that, of course. In fact it’s exactly that: a necessary task that takes them away from the focus of their expertise. Finding a way to reduce their reporting time so they can put their expertise to work more often will increase productivity and efficiency for faster claims processing.
That’s where iMedat’s system helps. Adjusters can either dictate their notes or whole reports (please see below). iMedat’s insurance transcriptionists convert those voice files to text, ensuring that spelling and grammar are correct, and flagging any issues along the way.
And that means your adjusters spend less time writing reports and more time assessing.
4. Better Employee Satisfaction Equals All of the Above
A large percentage of people hate writing reports, and claims adjusters are no different. Why not take some of this burden off their plate? Those time, efficiency, and accuracy benefits mentioned above multiply when you have happy, motivated adjusters out talking with customers, not stuck in the office writing reports. As we know, happy employees are more productive employees.
iMedat’s solution removes much of the hassle of report writing. Adjusters can simply dictate their notes and our insurance transcription team will convert those audio notes into useable text. Our system also saves time when out on calls. Adjusters can dictate their notes as they assess damage instead of writing them out by hand. This offers several advantages:
- Faster note taking – the adjuster doesn’t have to stop and write notes every few seconds, which takes up precious time
- Fuller notes – people who find writing notes to be tedious tend to be more complete in their verbal notes
- Faster report writing – iMedat’s team gets their insurance transcription back to them quickly so all they have to do is turn their own notes into a report
- Better work environment for adjusters – iMedat’s Voice Reports gets rid of the tedious task of written note taking, making life better and easier for adjusters
Two Methods of Writing Reports with iMedat
Once your adjusters have made their audio notes and received their insurance transcription, writing reports is easy. Here are two report writing methods your adjusters can use for faster claims processing:
- Report Notes – Adjusters can simply dictate their notes and we’ll convert those audio notes to text. Then, they can take these notes and craft their own reports, letters, and other documents. This is much faster and easier than writing from scratch.
- Full Insurance Reports – Adjusters can dictate complete reports and have the full, grammatically correct report sent back in text. All they have to do is review, make any necessary edits, and file. For many adjusters, dictating is much faster than writing the report – and much less stressful for those who hate writing. We also offer additional services including merging your report to your letterhead. This makes finishing, filing, and sending documents even faster and easier.
Plus, with iMedat on your team, you get much more accurate transcriptions than using automated ones. Insurance transcription services outperform highly-fallible speech-to-text software on almost every important metric including:
- Accuracy
- Understanding important concepts
- Flagging inconsistencies
- Formatting
- Customer service
Contact Us to Find Out How iMedat’s Insurance Transcription Services Can Give You Faster Claims Processing
Contact iMedat today to learn more about how iMedat’s insurance transcription services makes claims processing faster. We offer a number of different customized options tailored to your needs.